Sarder NYSCI Talks: Making Sense of Blockchain, Bitcoin & Cryptocurrencies
Bitcoins and cryptocurrency have made it into our everyday conversation but many people do not understand how the systems work. Sarder TV can help you get up to speed with this new technology with the presentation of “Making Sense of Blockchain, Bitcoin & Cryptocurrencies” with venture capitalist Fred Wilson and author Steven Johnson. Presented by the New York Hall of Science this exciting discussion will have you cryptocurrency savvy in no time.
Fred Wilson and Steven Johnson explain how cryptocurrency and the Bitcoin model differ from traditional banking or the stock market. They talk about how the Bitcoin system lacks a central authority as no one owns it or manages it. The speakers discuss how the traditional banking system and the US stock market have become trusted clearinghouses for conducting business while with Bitcoin there is decentralized trust. They go over how the Bitcoin system works including that there is block reward (awarding of new Bitcoins) incentive built into the model. Wilson and Johnson discuss the mining process (so called because the process is difficult and requires hard work), and the use of the blockchain or public ledger. According to the presenters, only twenty one million bitcoins will ever be mined and this fixed number gives a scarcity and thus a value to the Bitcoin currency.